FX.co ★ Trading plan for Bitcoin for June 16, 2021

Technical outlook:

Bitcoin has rallied through $41000 until yesterday before pulling back lower again. The crypto remains vulnerable to a decline further towards $35,000 levels at least before turning bullish again. Furthermore, potential remains to continue dragging lower below $30,000 mark and towards $28,500 before turning bullish again.

Bitcoin is seen to be trading around $40,000 levels at this point in writing and is expected to retrace lower to at least $34,000/35,000 levels before resuming its rally. On the other hand, a push above $43,000 from here will confirm that bulls are firmly in control and the trend has changed already. It would be a good idea to buy the crypto on dips thereafter.

Bitcoin faces immediate resistance around $42,600 while support is seen towards $28,800 levels respectively. If the bullish triangle consolidation is still unfolding, watch out for a drop from here towards $34,000 mark and then a turn higher.

Trading plan:

Aggressive: Short now, stop @ 43,000, target is 34,000

Conservative: Remain flat, buy lower @ 34,000, stop @ 25,000, target is @ 65,000.

Good luck!